Sino and K Wah put new flats at Corinthia By The Sea project on the market on 18 June, the selling lobby was crowded. On 22 June will roll out more 127 units for the 2nd sale.

Sino and K Wah put new flats at Corinthia By The Sea project on the market on 18 June, the selling lobby was crowded. On 22 June will roll out more 127 units for the 2nd sale.

Sino Land and K Wah International gained HK$ 3.3B from selling 384 units at join-project Corinthia By The Sea.

US Federal Reserve will keep interest rate low, so it pushed the sale of new home in Hong Kong.

Sino Land (0083.HK) and K Wah International (0173.HK)’s Corinthia By The Sea, a joint-venture project located at South Tseung Kwan O, recorded 19 times oversubscribed and 384 out of 388 units were sold which cashing in HK$3.3B on 18 June.

Since hot sale was recorded, 2 developers will put another round of 127 units on the market on 22 June. Selling price will be increased around 13.7% to the first sale. Developers will offer at least 14.5% discount to the buyers, post-discount prices will rang from HK$6.36M to HK$25.67M, averaging HK$15,681 per sellable square foot. The project was selling at higher price than nearby projects which are mainly the secondary residential flats.

Lately, developers continuous to roll out new projects and the sales were hot. Therefore, home buyers and developers are optimistic about the housing market in HK.

In the latest sales, three-bedroom units were the most popular, taking up about a half of the buying power, Centaline Property said.

Investors made up 35 percent of the buyers, a relatively high share seen in recent new projects, said Midland Realty’s residential chief Sammy Po Siu-ming.

He expects a rental return of 4 percent, compared to a standard range of around 2-3 percent. The 388 units fetched more than 8,000 checks. Sun Hung Kai Properties (0016.HK) said 32 more units at Ultima will come on the market next week with prices averaging HK$35,300 pssf.

That followed the developer taking HK$1.4 billion from 26 flats at the Ho Man Tin project on Wednesday. Of the units offered on 17 June, the priciest one sold for HK$94 million, or HK$46,631 pssf. Also in Ho Man Tin, an affluent buyer grabbed six units at Eugene Terrace for a total of HK$145 million.

Source: The Standard Finance

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